Ethereum Price Prediction: ETH enters new bullish cycle with no significant resistance ahead

  • Ethereum price rose above $500 for the first time since July 2018.
  • The next target on the upside aligns at $530.
  • The RSI suggests there could be a correction before the next leg up.

After closing the previous two days in the negative territory and losing more than $30 during that period, Ethereum turned north on Friday, November 20, and touched its highest level in 28 months at $511. As of writing, the smart contracts giant is up nearly 7% on an intraday basis.

Ethereum price may rise to $530

With this recent upsurge, ETH price moved into the upper half of an ascending channel coming from November 1. The resistance line of the channel is currently located near $530, which could be seen as the next target.

ETH/USD Daily Chart

ETH/USD Daily Chart

IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model confirms $530 as a strong resistance area. According to the on-chain metric, more than 164,000 ETH were bought by nearly 300,000 addresses at an average price of $532.

Ethereum IOMAP by IntoTheBlock

Ethereum IOMAP by IntoTheBlock

Regardless of the optimistic outlook, the Relative Strength Index (RSI) is about to cross into the overbought territory, suggesting that Ethereum price could struggle to surpass the $530 hurdle and stage a correction. If this were to happen, the IOMAP model shows stiff support at $470, where more than 11 million ETH were acquired by 1.35 million addresses.

This price level coincides with the lower limit of the ascending channel, reinforcing the view that it may serve as a rebound zone towards new yearly highs.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Ripple Price Prediction: XRP’s rise to $1 hinges on one crucial upside barrier

Ripple (XRP/USD) sellers have returned this Sunday, as the recent recovery from sub-$0.50 levels appears to lose steam. However, from a technical perspective, it looks like the bulls have taken a breather before the bullish reversal picks up pace. Acceptance above the key Fib 61.8% hurdle is critical to take on the $1 mark.

More Ripple News

Top 3 Losers Of The Week Synthetix, Compound, LTC: Fail to benefit from weekend love

Decentralized finance (DeFi) tokens are trying to catch up with the positive turnaround seen across the crypto board in the second half of this week. However, Synthetix, Compound, Litecoin have failed to benefit from the renewed buying wave. 

More Cryptocurrencies News

Ethereum holders bracing for ‘sell the news’ ahead of the ETH 2.0’s launch?

Heading into the ETH 2.0 launch on December 1, the Ethereum holders remain wary over the prospects for the second-most widely traded digital asset. Following last week’s slide, has Ethereum’s time finally arrived or is it a sell on the rollout news?

More Ethereum News

Top 3 Weekly Gainers Verge, ADA, VeChain: Shrug-off broad corrective trend

Crypto markets witnessed massive volatility over the past week, marked by the stellar performance in Bitcoin. Among the top 50 widely-traded digital assets, Verge, Cardano and VeChain emerged as the top performers, with Verge up 40% on the week. 

More Cryptocurrencies News


Gold Weekly Forecast: XAU/USD tumbles to multi-month lows on risk flows, technical selloff

Bitcoin has lived through a roller-coaster week. The pioneer digital currency hit another multi-year high of $19,500 and got really close to the all-time high on Wednesday. 

Read the weekly forecast